Hastings Company Has Purchased a Group of Assets for $15,000

question 99

Multiple Choice

Hastings Company has purchased a group of assets for $15,000. The assets and their relative market values are listed below. $$\begin{array} { | l | r | } \hline \text { Land } & \$ 6,500 \\\hline \text { Equipment } & 2,000 \\\hline \text { Building } & 9,000 \\\hline\end{array}$$ Which of the following amounts would be debited to the Land account?

• A) $1,962
• B) $5,571
• C) $1,714
• D) $7,714

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